HydraX, a financial technology company headquartered in Singapore, has partnered with fiat-to-crypto exchange Coinhako and signed a memorandum of understanding (MOU) with XSQ, one of Singapore’s largest cryptocurrency advisory and blockchain development companies.
The two key partnerships are part of its strategy to expand its user base and capabilities. The deal with Coinhako includes the integration of its wallets with HydraX’s trading platform, HydraX Trader. Users will be able to view prices, transact and monitor balances held with Coinhako on the platform.
HydraX will integrate customer onboarding, KYC and account opening processes of Coinhako, which gives HydraX a fiat-cryptocurrency gateway for regional retail traders, as well as a pool of approximately 200,000 potential users.
Yusho Liu, Chief Executive Officer (CEO) of Coinhako, commented:
“Coinhako is delighted to have HydraX as a trusted partner and technology provider to offer our users an alternative platform for trading, transferring and transacting of multiple digital tokens – such as Bitcoin, Ethereum, Litecoin and many more – as well as the monitoring of portfolio balances with Coinhako. The integration of our KYC and onboarding process will give customers unparalleled ease of use and security.”
The memorandum of understanding (MOU) signed with XSQ, regards the usage of HydraX’s technology in the form of Ethereum-based smart contracts designed for the trustless trading and settlement of digital assets.
Hong Zhuang Lim, CEO of XSQ, said: “Leveraging HydraX’s technology, XSQ will develop an electronic-wallet solution for cross-border value transmission, centered around a permissioned, blockchain-based smart-contract solution that will be institution-friendly, efficient, and secure.”
Trina Gan, Chief Marketing Officer, HydraX, added: “HydraX is delighted to work with Coinhako and XSQ. These collaborations demonstrate our partners’ confidence in our platform and technical capabilities. While our initial partnerships have been cryptocurrency focused, we look forward to building the HydraX Trader ecosystem with other asset classes to truly position it as a multi-asset trading platform.”